9911796707
TMI Blog2003 (1) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... e previous year relevant to the assessment year under appeal, it filed loss return under section 139(3) on 31-12-1992, i.e. within the time allowed by law. Thereafter the assessee-company filed a revised return showing a higher amount of loss. The revised loss return was filed on 24-9-1993. The time limit for filing the revised return under section 139(5) is 31-3-1994. So, the revised loss return also was filed by the assessee-company within the time permitted by law. The assessment under section 143(3) was completed on 31-3-1994. 3. But inspite of the assessee having been filed a revised loss return, the Assessing Officer completed the assessment on the basis of the original return and without taking cognizance of the higher amount of los ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore passing the order under section 143(3), he should have acted on the basis of the revised loss return filed by the assessee-company. The learned Chartered Accountant further contended that Once the assessee has filed the loss return under section 139(3) of the Act, thereafter the said loss return takes the colour of a return filed under section 139(1) and therefore the assessee has the right to file a revised return under sub-section (5) and so the Assessing Officer should have acted upon the revised return of income. The learned Chartered Accountant relied on the principles laid down by the Hon'ble Gujarat High Court in Shri Vallabh Glass Works Ltd. v. ITO [1995] 212 ITR 433 wherein the Hon'ble Court has held that when the Act permits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... benefit of carry forward of loss, because of the operation of section 80, wherein a loss return filed under sub-section (3) alone is to be considered for determining the quantum of loss that could be carried forward. The learned Departmental Representative submitted that the provisions of law contained in section 139(1), 139(3) and sub-section (5) and section 80 need to be read together and if read together, it would be clear that a revised loss return filed after the expiry of the period provided under section 139(3) cannot be considered for determining the loss under section 139(3). 7. We heard both sides in detail. An assessee is eligible to claim the benefit of carry forward of unabsorbed business loss on condition that a return of lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed within the time provided under sub-section (5) of section 139. By filing a revised loss return under sub-section (5), the factom of filing a loss return under sub-section (3) is not lost, but what happens is the revised return replaces the original return. That procedural process provided under section 139 does not in any way affects section 80 or vice versa. The equation between section 139(3) and section 80 is independent. Section 80 provides that the loss determined by an Assessing Officer in pursuance of the loss return filed under section 139(3) shall be carried forward for the succeeding assessment years. The operation of section 80 ends there. The inter se relation between sub-sections (i), (3) and (5) of section 139 does not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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